DEGREE
Master of Science
CAREER IDEAS
Commercial Banker, Financial Planner, Investment Banker, Money Manager
Master’s in Finance Program
Manhattanville College’s Master of Science in Finance program focuses on going beyond the numbers to understand the greater impact finance has on an organization. The CFO's role in top organizations has evolved from crunching numbers to being the CEO’s strategic partner. The demand for smart, communicative, and thoughtful people in top finance positions will increase even more in the future. Gain an understanding of financial decision processes to maximize shareholder wealth, financial statement analysis, and financial institutions, and immerse yourself in current financial special topics in Manhattanville’s M.S. in Finance program.
The program offers three specializations: Corporate Finance, Investment Management, and Accounting.
Corporate Finance Specialization
Students in the Corporate Finance Specialization learn to manage money for institutions and corporations, take actions to increase the firm’s value to its shareholders, manage corporate assets and liabilities, and plan for the future. Classes in this specialization include Managerial Accounting, Financial Risk Management, and Treasury Operations.
Investment Management Specialization
Study investment management and gain the knowledge you need to raise and manage capital for institutions or individuals through the Investment Management Specialization. Learn how to be an analyst and advise, strategize, and support diversification and risk management. Investment Management classes include Investing and Security Analysis, Global Investments, and Options and Future Markets.
Accounting Specialization
For students whose undergraduate degree is in accounting, the Accounting Specialization provides the additional academic coursework needed for CPA licensure and adds a valuable and complementary financial dimension to the student's professional profile. This concentration provides valuable accounting skills to make one attractive in corporate financial positions. Accounting classes include Advanced Financial Accounting, Forensic Accounting, and Computer Auditing.
Central Location for Finance
Manhattanville College is located in Westchester County, nearby to New York City’s financial markets. In addition to the industry experts in the School of Business, Westchester is home to numerous Fortune 100/500 companies. This program provides a unique opportunity to study amongst leaders in the financial industry.
Convenient Program
Our Master’s in Finance program offers evening and weekend classes to fit busy schedules, as well as options to accelerate and complete the degree at your own pace. Manhattanville also provides many resources for graduate students, such as panels and workshops through the School of Business and the Women’s Leadership Institute.
Program Outcomes
Careers in finance are diverse and include areas such as: financial services, financial planning, fund management, regulatory compliance, trading, financial management, banking, accounting, and investment management. The Master of Science in Finance program provides students with the foundation to help them prepare for the prestigious Chartered Financial Analyst (CFA) designation, offered by the CFA Institute.
Application Requirements
We receive applications from all states and across the globe. We look for capable students with some work experience and a passion for what they are aspiring to do. We welcome new students, transfer students, those who have served in the military, and international students. Master’s in Finance students are admitted on a rolling basis. You can learn more about the application process now. Not ready to apply but interested in learning more? Request more information.
You will need to take 12 of the following classes for a total of 36 credits for the Master of Science in Finance. Credits 3 Corporate finance focuses on the financial decision making process that is designed to maximize shareholder wealth. It provides a framework for making a wide variety of decisions, such as choosing the optimal combination of debt and equity to finance a corporation's operations, identifying the most profitable projects to pursue, determining the most appropriate distribution of dividends to stockholders. The course introduces the concept of the time value of money, and examines techniques applicable to the pricing of fixed-income assets and capital budgeting, assessing the respective advantages and disadvantages of each approach. The statistical properties of risk and return for financial assets, modern portfolio theory, the Capital Asset Pricing Model (CAPM), and several equity pricing models, such as the dividend discount model and the Gordon growth model are analyzed. Financial statements analysis, techniques for determining the optimal capital structure of a corporation including an analysis of the Miller-Modigliani Theorem, and an overview of dividend policies are also covered. Credits 3 This course is an overview of international financial markets and institutions. Topics include an introduction to the foreign exchange markets, in which nearly $4 trillion worth of currencies and foreign exchange derivatives are traded each day. Several types of products trade in these markets, including spot transactions, forward transactions, swaps and options. Much of this activity is due to commercial banks and securities dealers, along with corporations seeking to hedge their exposure to foreign exchange risk. In addition, central banks may periodically intervene in foreign exchange markets in order to pursue domestic policy goals. The factors that determine the value of exchange rates and the relationship between nominal and real exchange rates is also covered in detail, along with several international parity conditions such as purchasing power parity, the International Fisher Effect, and interest rate parity. The course also explores different strategies for hedging foreign exchange risk. Pricing models for each type of derivative are also examined. A variant of the Black-Scholes model, the Garman-Kohlhagen model, is used to price foreign exchange options as well as derive several measures of risk that are collectively known as the Greeks. The course closes with a closer look at the role of central banks in foreign exchange markets, alternative exchange rate systems, international investment and diversification, and the management of portfolios of domestic and foreign bonds. Credits 3 Communication is crucial to the success of all leaders, but as you climb within an organization the ability to write and speak effectively is magnified. One needs to be able to talk, write and present effectively to a diverse group of stakeholders, such as customers, supervisors, subordinates, peers, buyers, etc. And while business leaders have marketing strategies, expansion strategies, finance strategies, even exit strategies, successful leaders also have communication strategies. This course explores how individuals can develop and execute effective communication strategies for a variety of business settings. The course emphasizes the essentials of developing personal communication skills, inclusive of persuasive verbal and written communication, influence mapping, and communicating for buy-in. Students study audience analysis, communicator credibility, message construction and delivery, and are given the opportunity to learn best practices in presentation skills, particularly important for those wishing to pursue entrepreneurial interests. Globalization confronts almost every aspect of business from recruiting and managing a diverse staff to providing products and services, which cross language, time, and cultural barriers. This course delves into the two areas impacting a leader's success in the global arena: technology and culture. Through a blend of class discussions, seminars, observations, practice, feedback and reflection, students will study frameworks for effective communication in a global environment and then apply these lessons in team and individual projects. Upon successful completion of the course, students will have learned how to; understand the purpose of effective communication and how it can facilitate or hinder individual and organizational performance, appreciate the importance and the management of challenges in communicating to internal and external stakeholders, deliver effective oral and written business presentations, incorporate technology to facilitate more effective communications. Credits 3 This course focuses on the structure of the banking system and other financial institutions, along with the numerous issues facing them, such as analyzing investments, evaluating consumer credit, capital management, risk management and changes in the regulatory environment. The course analyzes the main types of financial intermediaries operating in the U.S. financial system, such as commercial banks, investment banks, pension funds and mutual funds. The activities of commercial banks are analyzed in detail, including a discussion of capital requirements and deposit insurance. Consideration is given to credit risk and concentration risk in a commercial bank's loan portfolio. Additional areas covered are the role of investment banks in securities underwriting, trading, market making, pension and mutual funds, the Federal Reserve System and monetary policy, derivatives, and recent regulations, such as Dodd-Frank. Credits 3 In recent years the increasing complexity of capital markets, combined with an ongoing economic slump, have greatly complicated the job of investment analysts and portfolio managers. Successful investing requires a firm understanding of the wide variety of securities trading in the debt, equity and derivatives markets, along with several alternative approaches to portfolio management. This course is designed to provide a solid background in fundamental valuation techniques, along with sound principles of portfolio management. Key models of asset returns are analyzed in detail; techniques for measuring and managing investment risk are introduced, along with several measures of performance measurement. Credits 3 Worldwide theories, research, principles, and practices pertaining to the discipline of managing risk have evolved significantly over the past ten years, especially in countries such as Canada, the UK, Australia and New Zealand. Continued catastrophes have emphasized the need for more robust systems for managing risk accompanied by a highly sophisticated approach that supports the development of an appropriate risk mentality. This course is designed so that students can obtain a robust understanding in the discipline of risk management better-termed "managing risk". Students will review case studies of companies that have both been successful in their efforts to manage risk and those that have been unsuccessful. In both situations, an in depth analysis will be applied to determine the root causes for the successes and failures. Upon completion of this course students will have learned how to: gain an appreciation for evolution of this managing risk discipline over the past 20 years to what is now considered best in class thinking; extract the essential ingredients for managing risk throughout the organization and assemble them; take a holistic approach to risk using the objectives, principles, process and framework from ISO 31000; think in an integrated fashion and participate in effective risk management implementation efforts; conduct an initial assessment of the adequacy of a company's risk management system; and appreciate the role of rating agencies, regulatory agencies, various standard setters, other professional organizations, and the Board of Directors. Credits 3 In recent years the increasing complexity of capital markets, combined with an ongoing economic slump, have greatly complicated the job of investment analysts and portfolio managers. Successful investing requires a firm understanding of the wide variety of securities trading in the debt, equity and derivatives markets, along with several alternative approaches to portfolio management. This course is designed to provide a solid background in fundamental valuation techniques, along with sound principles of portfolio management. Key models of asset returns are analyzed in detail; techniques for measuring and managing investment risk are introduced, along with several measures of performance measurement. Credits 3 This course is the culmination of the M.S. in Finance degree program. The student will research an organizational issue of importance to the financial performance of an organization, consider alternative solutions to the issue, arrive at a preferred solution, summarize the results of the research in a case study format, and present the case study to an evaluating committee comprised of the program director and selected faculty members or industry leaders. Credits 3 Managerial Accounting is a specialization within the field of accounting that is concerned with providing the information that is needed for effective planning, controlling, directing and decision-making by an organization. Managerial accounting can be used for several essential applications, such as determining optimal pricing policies, analyzing employee performance, controlling expenses and implementing cost/benefit analysis for potential expenditures. The course provides an overview of cost accounting fundamentals; such as direct and indirect costs, fixed and variable costs, etc. These concepts are used as the foundation for effective decision making, based on techniques such as cost-volume-profit (CVP) analysis, job costing, activity-based costing, etc. CVP is an essential tool for decision making and can be used to plan variable and fixed costs and implement cost-benefit analysis. Job costing and activity-based costing are used to allocate costs to different aspects of the production of goods and services. Capital budgeting, which enables a corporation to choose from among several competing investment projects as well as techniques for efficient planning, including the production of budgets, and proper planning of inventories and capacity utilization are also covered. Credits 3 Mergers and acquisitions refer to the buying or selling of divisions or entire companies in order to increase efficiency and thereby enhance shareholder value. This course analyzes the process by which potential takeover targets are identified, how these targets are valued and how a takeover is financed. The course is heavily based on the case study approach; several historical examples of mergers and acquisitions will be analyzed in great detail. The course begins with a thorough examination of techniques for valuing a corporation including discounted cash flow valuation and comparable valuation. Alternative techniques for financing a merger or acquisition are also explored. Credits 3 This course covers several aspects of the operations of the Treasury department within a for-profit organization. These include cash management, debt management, financial risk management and clearing and settlement systems. The objective of Treasury operations is to maximize the organization's liquidity while reducing its operational risk. Major topics covered are cash management, debt management, hedging strategies, financial derivatives, and clearing and settlement systems. Credits 3 In recent years, there has been an explosion of activity in the fixed income markets as corporations and governments continue to issue record amounts of debt. The size of the global fixed income market has reached nearly $100 trillion, far exceeding the $55 trillion capitalization of the global equity market. In addition, the market for fixed income derivatives has exploded over the past thirty years in response to a series of crises that have increased uncertainty over the behavior of interest rates. The fixed income markets consist of an extremely wide array of products, ranging from simple coupon-bearing bonds to structured products such as asset-backed securities. These products provide investors with the advantage of flexibility due to the large number of choices that are available. One of the major disadvantages of these products is that they expose investors to the risk of fluctuations in interest rates and other variables. Due to the complex behavior of interest rates, valuation and management of fixed income products can be extremely challenging. In addition, many fixed income products contain embedded optionality, which further complicates the pricing and management of these securities. In recent years, spectacular losses have occurred at several financial institutions due to the misuse of fixed income products and their derivatives. The complexity of fixed-income products and fixed-income derivatives requires market participants to acquire a deep understanding of how their cash flows are structured, how their values are affected by interest rates and an understanding of the properties of interest rates. Market participants also need to understand how interest rate risk is measured, and what types of strategies may be used to hedge interest rate risk. Portfolio managers need insight into the different types of strategies that may be employed with fixed-income portfolios. Credits 3 In recent years, the financial markets have been thrown into turmoil by an ongoing series of financial crises, most recently the credit crisis of 2007-2009. The complexity and widespread use of financial derivatives have been blamed for increasing the severity of these crises, leading to calls for further regulation of the derivatives markets. These crises have demonstrated the necessity of proper risk management procedures, as evidenced by the spectacular collapse of Bear Stearns and Lehman Brothers. Since derivatives are extremely risky but powerful hedging tools, it is imperative that market participants gain a fundamental understanding of their properties in order to efficiently manage risk and prevent future financial meltdowns. This course provides a thorough analysis of the key features of derivative securities along with strategies for managing risk with these instruments. The measurement of market risk is covered in great detail, with a focus on the Value at Risk (VaR) methodology. VaR is used to determine the potential losses that could occur in a portfolio with a specified level of confidence. Unlike earlier risk measures, VaR has the advantage that it can be applied to any financial asset, so that the risk of a portfolio may be determined regardless of its composition. One drawback to VaR is that it is derived from several questionable assumptions and may seriously understate the potential losses to a portfolio during severe market downturns. Alternatives to VaR, such as Expected Shortfall, are examined. Credits 3 This course begins with a detailed overview of the features of equities and bonds. The measurement of risk and return for individual assets and portfolios is covered in depth. Modern Portfolio Theory is introduced, showing how risk can be dramatically reduced through diversification. This leads to a discussion of asset pricing models, such as the Capital Asset Pricing Model (CAPM) and Arbitrage Pricing Theory (APT). Several equity-pricing models are covered in detail, such as the discounted dividend model and the Gordon growth model. Passive and active equity portfolio strategies are introduced; these include buy-and-hold, sector rotation and market timing. Fixed-income markets are explored in detail, beginning with an in-depth look at the features of bonds and other interest rate products that are actively traded. Several measures of interest rates are defined; measures of interest rate risk, including modified duration and convexity, are used to determine the sensitivity of fixed income assets to changes in interest rates. Several types of fixed income portfolio strategies, such as buy-and-hold, indexing and yield spread analysis, measures of investment performance, such as the Sharpe Ratio and Jensen's alpha, are defined and used to compare the relative returns of different assets, and the role of derivatives in implementing hedging strategies are also covered. Credits 3 This course covers several aspects of the operations of the Treasury department within a for-profit organization. These include cash management, debt management, financial risk management and clearing and settlement systems. The objective of Treasury operations is to maximize the organization's liquidity while reducing its operational risk. Major topics covered are cash management, debt management, hedging strategies, financial derivatives, and clearing and settlement systems. Credits 3 In recent years, there has been an explosion of activity in the fixed income markets as corporations and governments continue to issue record amounts of debt. The size of the global fixed income market has reached nearly $100 trillion, far exceeding the $55 trillion capitalization of the global equity market. In addition, the market for fixed income derivatives has exploded over the past thirty years in response to a series of crises that have increased uncertainty over the behavior of interest rates. The fixed income markets consist of an extremely wide array of products, ranging from simple coupon-bearing bonds to structured products such as asset-backed securities. These products provide investors with the advantage of flexibility due to the large number of choices that are available. One of the major disadvantages of these products is that they expose investors to the risk of fluctuations in interest rates and other variables. Due to the complex behavior of interest rates, valuation and management of fixed income products can be extremely challenging. In addition, many fixed income products contain embedded optionality, which further complicates the pricing and management of these securities. In recent years, spectacular losses have occurred at several financial institutions due to the misuse of fixed income products and their derivatives. The complexity of fixed-income products and fixed-income derivatives requires market participants to acquire a deep understanding of how their cash flows are structured, how their values are affected by interest rates and an understanding of the properties of interest rates. Market participants also need to understand how interest rate risk is measured, and what types of strategies may be used to hedge interest rate risk. Portfolio managers need insight into the different types of strategies that may be employed with fixed-income portfolios. Credits 3 In recent years international financial markets have become more closely integrated, with cross-border capital flows reaching $4.4 trillion by the end of 2010. In particular, the sovereign debt markets have exploded, with government borrowing rising rapidly during the ongoing credit crisis. International financial markets present unique challenges to investors, offering a wider variety of opportunities along with an additional set of risks relative to domestic markets. Successful global investing requires an in-depth understanding of the types of products that are traded, how international investing can increase diversification benefits, how international investors are exposed to foreign exchange and sovereign risk and other factors unique to the international markets. The course covers each of these topics in detail along with a discussion of hedging strategies, including extensive coverage of foreign exchange derivatives. Credits 3 Managerial Accounting is a specialization within the field of accounting that is concerned with providing the information that is needed for effective planning, controlling, directing and decision-making by an organization. Managerial accounting can be used for several essential applications, such as determining optimal pricing policies, analyzing employee performance, controlling expenses and implementing cost/benefit analysis for potential expenditures. The course provides an overview of cost accounting fundamentals; such as direct and indirect costs, fixed and variable costs, etc. These concepts are used as the foundation for effective decision making, based on techniques such as cost-volume-profit (CVP) analysis, job costing, activity-based costing, etc. CVP is an essential tool for decision making and can be used to plan variable and fixed costs and implement cost-benefit analysis. Job costing and activity-based costing are used to allocate costs to different aspects of the production of goods and services. Capital budgeting, which enables a corporation to choose from among several competing investment projects as well as techniques for efficient planning, including the production of budgets, and proper planning of inventories and capacity utilization are also covered.
Required (8):
MFIN5500 Corporate FinanceMFIN5500
Corporate Finance
MFIN5501
International Finance
MGPS5010 Communicating EffectivelyMGPS5010
Communicating Effectively
MFIN5502 Financial Institutions, Money & MarketsMFIN5502
Financial Institutions, Money & Markets
MFIN5503 Financial Statement AnalysisMFIN5503
Financial Statement Analysis
MGPS5020 Managing RiskMGPS5020
Managing Risk
MFIN5504 Investment Theory & PracticeMFIN5504
Investment Theory & Practice
MFIN6000 Final ProjectMFIN6000
Final Project
Corporate Finance Concentration
Required (1)
MFIN5600 Managerial AccountingMFIN5600
Managerial Accounting
Electives (3)
MFIN5610 Mergers, Acquisitions, Private Equity, Leveraged BuyoutsMFIN5610
Mergers, Acquisitions, Private Equity, Leveraged Buyouts
MFIN5630 Treasury OperationsMFIN5630
Treasury Operations
MFIN5730 Fixed Income AnalysisMFIN5730
Fixed Income Analysis
MFIN5611 Financial Risk ManagementMFIN5611
Financial Risk Management
MFIN 5650 Special Topics in Corporate Finance
OR
Investment Management Concentration
Required (1)
MFIN5700 Investing & Security AnalysisMFIN5700
Investing & Security Analysis
Electives (3)
MFIN5630 Treasury OperationsMFIN5630
Treasury Operations
MFIN5730 Fixed Income AnalysisMFIN5730
Fixed Income Analysis
MFIN5710 Global InvestmentsMFIN5710
Global Investments
MFIN 5711 Options and Future Markets
MFIN 5750 Special Topics in Investment Management
OR
Accounting Concentration
Required (1)
MFIN 5800 Intermediate Financial Accounting
Electives (3)
MFIN5600 Managerial AccountingMFIN5600
Managerial Accounting
MFIN 5810 Advanced Financial Accounting
MFIN 5820 Corporate Taxation
MFIN 5830 Computer Auditing
MFIN 5840 Forensic Accounting
MFIN 5850 Special Topics in Accounting
How to Apply to School of Business programs
Starting terms:
Graduate and Advanced Certificates: Fall, Spring and Summer
Finance (all concentrations)
- Graduate International students please see this additional information. (Advanced certificates are not eligible for international admissions).
All Applicants:
1. On-Line Application: The School of Business on-line application can be found at the following link: APPLY NOW
2. Personal Essay: In a candid personal essay of 500-750 words, explain:
- How and why did you decide to pursue this program
- Why the selected academic program is good match for your future goals
- What you as a candidate can bring to our classroom
- What special skills, leadership abilities, volunteer or other life experience make you a good overall fit for the selected program?
3. Resume: Submit a current resume indicating educational and business experience.
4. Transcripts:
Graduate Domestic (All Master of Science and Advanced Certificates) An earned undergraduate degree with a minimum GPA of 3.0* is required. Please send official transcripts from every school attended to date sent directly to the School of Business Admissions Office. Student copies are not acceptable. MSB will consider a slightly lower GPA with significant workplace history.
5. Recommendations: Two letters of recommendations, either academic or professional, from a reference writer who can speak to the candidate’s intellectual capability and ability to handle the rigors of the applicant’s program. Letters can be uploaded via the on-line application. References writers may provide their own letter or you may forward our standard Professional Letter of Recommendation form available on our website if you prefer.
6. Application Fee: Fee waivers are available for attending Open House events. Please check the website for our next available date.<